Millennials Worse Off Financially Than Previous Generations Due to Housing Unaffordability, Not Poor Work Ethic
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Research shows millennials in the UK are financially worse off than previous generations, contradicting Whoopi Goldberg's claims. Their incomes are lower than past cohorts at the same age.
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American millennials were also hit hard by the 2008 crisis but are now catching up to their parents' wealth. Older millennials have narrowed the gap.
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Homeownership rates for millennials have dropped significantly in the UK and US compared to past generations at the same age. This is largely due to housing costs rising faster than incomes.
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Even with some wealth recovery, millennials are missing out on homeownership because real estate prices are outpacing wage growth, not because of poor work ethic.
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Housing affordability is now worse than during the 2008 crisis, with high mortgage rates and rising prices. This makes it very difficult for millennials to buy homes.